80A - JOINT PH - TRANSIT ZONING CODE, FINAL EIR, SPECIFIC PLAN ETC. - ORIGINAL PACKET PROVIDED TO COUNCIL

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(g) Should any of the insurance coverage required here be written with an annual aggregate such aggregate shall be disclosed in writing to the Agency. (h) For all insurance required under this Section 306.1, the Agency shall have the right, at every five year period, to review the types and limits of insurance coverage required herein and to make reasonable adjustments, provided that such types and limits shall not exceed that typically carried by the owner and operator of a comparable affordable housing apartment complex, of approximately the same size, in Orange County, California, based on reasonable research and investigation by the Agency. 306.2 Propefty Insin -a ice. Commencing upon the Closing for each Please and continuing for the duration of the Affordability Period with respect to such Phase, Developer shall secure, maintain, and pay for the following all -risk Property Insurance; provided, however, its the case of Builder's Risk insurance where Developer* is not the general contractor, Developer may cause the required builder's risk insurance to be secured, rrraintai ed, and paid for by the general contractor: OJ Prior to the start of construction and continuing until the completion of construction the latter of final acceptance of the Project or issuance of the final certificate of occupancy for the Project): all -risk Builder's Risk (course of construction insurance coverage its an amount equal to the ffill cost of the hard construction costs of the Project. Such insurance shall cover, at a minimum: all pork, materials, and equipment to be incorporated into the Project; the Project during nstrUCtion; the completed Project until such time as it is accepted by the Agency; and storage and transportation risks. Such insurance shall protect /insure the interests of the Developer owner and all contractor(s), and all sub contractors, as each of their interests may appear. If such insurance includes an exclusion for `design error," such exclusion shall only be for the object or portion which failed. Such insurance shall include an insurer's waiver* of subrogation in favor of each protected/insured party thereunder anal the Agency. The Agency shall be rat ed as an additional loss payee, as its interests may appear, with a loss payable endorsement, which shall be delivered to the Agency prior to the start of e01sULIctioll. (b) Coin encing with the completion of construction and continuing for the duration of the Affordability Period: a all -risk physical damage insurance coverage, on an all -risk basis, covering all insurable strUCtUres and e quipment, including coverage for building code changes, in are amount not less than 100% of the replacement cost of the total values at risk, Which shall be adjusted for increased costs of construction and replacement on an annual basis, to protect against loss of, damage to, or destruction of the Project; such insurance shall not contain a coinsurance clause; b business interruption and extra expense insurance to protect the Developer and all Additional Insureds covering loss of revenues and/or extra expense incurred by reason of the total or partial suspension or delay of, or interruption rte, the operation of the Project, or any portion thereof, caused by loss or damage to or destruction of ally part of the insurable real property structures or equipment as a result of the perils insured against tinder such all -risk property insurance, covering a period of suspension, delay or interruption of at least twelve 12 calendar i ouths, its an amount not less than the amount required to cover such business interruption and/or extra expense loss during g any such period; such insurance shall not contain a deductible in an ai ount in excess of a thirty 3 day period; and c as applicable, DOCSO CA400673v131200272+000